A2Z Maintenance IPO opens tomorrow

December 7, 2010   ·   0 Comments

The initial public offering of A2Z Maintenance and Engineering will open on December 8. The company is planning to raise about Rs 860 crore through the issue. The issue comprises a fresh issue of equity shares aggregating to Rs 675 crore and an offer for sale of 45.5 lakh shares by the selling shareholders.

The price band for the issue has been fixed at Rs 400-410 a share. Proceeds from the issue will be used to invest in a biomass-based power generation project as well as for capital expenditure and repayment of a loan granted by L&T Infrastructure Finance Company. The issue will close on December 10. The qualified institutional bidders have been allotted 50 per cent of the shares, retail 30 per cent and HNI 10 per cent.

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Rating agency CARE has graded the issue 4/5, indicating above-average fundamentals.

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Rajesh Singla

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